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Welspun Corp Ltd Announces Reorganization Of Two Subsidiary

Thursday, 30 May 2013 06:09am EDT 

Welspun Corp Ltd announced that the Board of Directors of the Company at its meeting held on May 30, 2013, has taken a decision to reorganize the business into two separate listed entities, Existing 'Welspun Corp Limited' for continuation of Pipes and Plates businesses and New Company i.e. 'Welspun Infra Enterprises Limited' for steel, infra, oil and gas exploration and energy business. The reorganisation is subject to statutory approvals to the Scheme of Arrangement under Section 391-394 of the Companies Act, 1956 and other approvals. Besides, the Company has agreed to acquire 12.5% stake of Insight Solutions Ltd. in Welspun Maxsteel Ltd. at 30% discount to the fair market value. With this, the ownership of the Company in Welpsun Maxsteel Limited will rise to 99.85%. 

Company Quote

0.15 +0.23%
5:19am EST